Morning BP! Starting to look at additional markets, I was given some advice to steer my attention toward Huntsville, AL. Is Huntsville on anyone's radar? Is downtown being revitalized?
Hi Jay. I just became a pro member last night and found your posting but I don't see any answers. Have you since found any additional information about Huntsville's real estate investing market? Thanks, Eddie
Not sure why this post didn’t get more responses (or maybe it did and they aren’t here anymore??). Yes downtown Huntsville is revitalizing. It is a fairly small downtown and lacks the large supply of old vacant buildings that exists in Birmingham for example. Huntsville is the strongest market in Alabama with extremely stable economy. It has finally gotten on the radar for large multi family buyers over the last two years which has led to extreme cap rate compression (even over that shown by the market overall).
I’ve heard it’s a good area to invest and know an investor in St Pete who has starting buying in Huntsville now that ST Pete prices are way up. Good paying high tech jobs there too like Raytheon.
@Jay Helms and Eddie Trumble,
Th Huntsville area is booming, the last few years have brought a new Remington Arms plant, Polaris plant, a new rocket booster company, and the recently announced Toyota/Mazda plant. The FBI is likely bringing a large employee base from Quantico for a $127M expansion of their operations on Redstone Arsenal.
Prices have gone up a lot in the last three years and foreclosure inventory is way down, but there are still good deals to be had compared to elsewhere. Huntsville MSA has gone from 417,000 to 580,000 in three years per Wikipedia. It’s projected to pass Birmingham as the largest city within 20 years. We’ve done 120 or so properties in Huntsville over the last three years, and I have a podcast on the market, contractors and property management resources to share. Let me know if I can help? Glad to show you around the city too!
Hey @Jay Helms , I’ve been investing in multi-family in Huntsville for a few months now and am loving the market.
I highly recommend Andy Agee and his team. They’re with SVN. Tons of experience with multi-family, great knowledge of the area, and friendly too. Happy to make an introduction if you’d like.
I second @Annie Dickerson on her Andy Agee suggestion. Haven’t worked with him as an investor but dealt with him as an appraiser. He has close to a monopoly on the 20-100 unit apartment market in Huntsville. If you want to contact others just to see if someone else better fits your style, you can contact Robert Taylor (Independence Realty) who focuses on smaller stuff but has some 16-36 unit stuff sometimes, Len Johnson (Gateway) who used to work with Andy and handled a lot of his smaller (under 100 unit) stuff but recently went off on her own, and David Wilson with Berkadia, who handles larger properties.
No, I don't know anything about Huntsville
I too am extremely interested in Huntsville. My wife recently took a contracting job and moved with our two kids. Once I return from my deployment I planned to leave the SFR behind and make a move on an apartment complex. This will be my first apartment purchase I will have a bit of capital, but lack knowledge outside of SFR. Any advice?
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